PRESS DIGEST- New York Times business news - Aug 20

Wed Aug 20, 2014 1:50am EDT

Aug 20 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

* Uber, a fast-growing start-up that promotes private car sharing, announced on Tuesday that it had hired the political strategist David Plouffe to be its senior vice president of policy and strategy. (nyti.ms/1tep0Cs)

* Radio Shack's ubiquitous stores flourished when consumers fixed their own gadgets. Now, the chain is trying out brighter, more inviting stores to lure shoppers. (nyti.ms/1oPFwss)

* Steve Ballmer, Microsoft Corp's former chief executive, resigned on Tuesday as a member of Microsoft's board, his primary remaining affiliation with the company after leaving the top job in February. (nyti.ms/1tk73Sg)

* In a settlement announced on Tuesday by New York State's financial regulator, Standard Chartered Plc will pay a $300 million fine and suspend an important business activity because of its failure to weed out transactions prone to money-laundering, a punishing reminder of settlements in 2012. (nyti.ms/XzgORQ)

* Condé Nast announced on Tuesday the sale of Fairchild Fashion Media, a group of trade publications including Women's Wear Daily and Footwear News, to Penske Media. The sale price was about $100 million, according to a person briefed on the deal. (nyti.ms/1n84Bcz)

* After an 18-month investigation, Macy's Inc has agreed to pay a $650,000 fine and hire an independent monitor to address complaints that minority shoppers faced heightened surveillance and, in some cases, wrongful detention at its flagship store in Midtown Manhattan. (nyti.ms/1oPNvpp)

* Square, the e-commerce start-up, announced on Tuesday that it would broaden the scope of its cash advance program through a multimillion-dollar deal with Victory Park Capital, a Chicago-based firm known for backing small-business financing ventures. (nyti.ms/1pZlTMs)

* After more than a month of pressure from the activist investor Jana Partners, PetSmart Inc has publicly acknowledged that it is up for sale. (nyti.ms/1AwU8j1)

* The owner of the Winn-Dixie and Bi-Lo supermarket chains disclosed on Tuesday that it had canceled its forthcoming initial public offering, nearly a year after the company first registered for a stock sale. (nyti.ms/YxAF4f)

* The impending shutdown of Atlantic City's newest casino, after little more than two years in business, will be another blow to what used to be the unchallenged gaming Mecca of the East Coast. (nyti.ms/1kTAVUY)

* Elizabeth Arden Inc, the beauty company, blamed its celebrity fragrance lines featuring Justin Bieber and Taylor Swift, among others, for a steep drop in sales in the fiscal fourth quarter. (nyti.ms/1oPQk9Y)

* Ocwen Financial Corp, a mortgage servicing firm that promised to improve on the loan-modification process for struggling homeowners, faces new regulatory scrutiny. (nyti.ms/1yYvftV) (Compiled by Shivam Srivastava in Bangalore)

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